Texas Teacher Retirement System, Austin, is searching for an auditor to monitor the fund's external alternatives and derivatives investments. The services are needed because of a change in auditing requirements for alternative investments and derivatives valuations, and because of “an approved increase in the use of derivatives in our portfolio,” Howard Goldman, spokesman for the $106 billion fund, wrote in an e-mail. Alternatives — hedge funds, private equity and real assets — make up 11% of assets but will grow to 30% in the next several years based on the system's asset allocation. The RFP is available at http://esbd.cpa.state.tx.us. Questions should be directed to Deborah Benson, purchasing and contracts manager, at [email protected] trs.state.tx.us. Responses are due by 3 p.m. CDT May 14.
Texas Teachers in the market for an alts, derivatives auditor
Iowa Public Employees' Retirement System, Des Moines, issued an RFP for a manager to run $150 million in active emerging markets equities for the $23.7 billion fund. The RFP is available at http://www.ipers.org. Deadline for submitting proposals is May 16. The system is boosting its allocation and wants to hire another manager for diversification. Emerging Markets Management, which currently runs a $500 million emerging markets core equity portfolio, would not be affected by the change, CIO Karl Koch said in a statement. Funding for the new manager would come from cash and rebalancing over several months, Mr. Koch said in the statement.
King County Deferred Compensation Program, Seattle, issued an RFP for a bundled provider for its $450 million 457 plan, according to the plan's website. T. Rowe Price Retirement Plan Services is the current bundled provider and can rebid. The RFP is available at http:// www.metrokc.gov/PROCUREMENT/rfpdocs/2008/April/Consultants/ 1035-08/1035-08.pdf. Proposals are due May 20. Roy Dodman, program manager, did not return calls seeking additional information.
Denver Employees Retirement Plan issued an RFP for at least one firm to provide general investment and real estate consulting services, said Steven Hutt, executive director of the $2.1 billion plan. The RFP is for general consulting services with an option to include real estate services. Current general consultant Callan and real estate consultant Townsend can rebid. Mr. Hutt said it has been 15 years since the fund's last consultant search. The RFP is available by e-mailing CIO Randy Baum at [email protected] Responses are due May 23.
Nevada state Treasurer Kate Marshall issued an RFP for an auditor for its $865 million Local Government Investment Pool. Current auditor Kafoury, Armstrong & Co.'s contract expires May 31; officials are happy with Kafoury, Armstrong and the firm can rebid, said Stacey Green, management analyst. The pool invests in U.S. Treasury and agency securities, repurchase agreements and authorized money market instruments for 82 cities, counties, school districts and other Nevada taxing bodies. The RFP is available at https://nevadatreasurer.gov/index.html. Proposals are due by 2 p.m. PDT May 23.
Brookline (Mass.) Retirement System is searching for an active emerging markets equity manager to run $8 million to $12 million, confirmed Frank Zecha, the $225 million system's executive director. Emerging markets equity is a new asset class for the system. Funding could come from an assortment of the fund's other holdings depending on what the market is doing when the selection is made, but the system doesn't plan to terminate any existing managers, Mr. Zecha said. The RFP is available on consultant Meketa Investment Group's website at http://www.meketagroup.com/mgrCenter.php. Proposals are due by 4 p.m. EDT May 28.
Arizona Board of Regents, Phoenix, issued an RFP for bundled services for the Arizona University System 403(b) plan. Included services are investment management, record keeping/administration, compliance, contribution remittance services, communication/education and investment advisory services. The board might hire more than one firm. The move is being made to comply with new federal regulations. The plan, whose size could not be learned, now has about 40 providers and about 4,600 participants. Segal Advisors is assisting. The RFP is available at http://pacs.arizona.edu/purch/vendor/vendorrfp.htm. Responses are due by noon MST May 30.
Pension Protection Fund, Croydon, England, issued an RFI for an active global bond manager spokeswoman Ana Moreno confirmed. The initial £200 million ($393 million) allocation will increase to about £350 million by March 31, 2009. Funding is likely to come from cash inflows stemming from an annual levy collected from eligible U.K. corporate sponsors and any pension asset transfers to the £1.4 billion fund, the U.K. equivalent of the PBGC. A manager should be selected this fall. The fund's current allocation to global bonds totals about £540 million, which is evenly split between Goldman Sachs Asset Management and PIMCO; the two managers' portfolios will not be affected. Proposals are due May 30. Further information can be obtained from consultant Mercer or via e-mail at [email protected] ppf.gsi.gov.uk.
